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Old 04-07-2024, 08:23 PM
makoti makoti is offline
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Join Date: Mar 2014
Location: NoVa
Posts: 6,625
Quote:
Originally Posted by C40_guy View Post
Wait, you're *required* to submit quarterly payments, on top of your W2 withholdings?

Seems like double jeopardy to me.

I always assumed that the quarterly payments were, um, optional. If you underwithheld, or underpaid quarterly, you might owe a penalty on top of the total due...but I never heard that quarterly was mandatory...

ICBW.
You don't HAVE to, but if you want to avoid late fees, you might WANT to.
In a similar boat. Haven't nailed down retirement taxes and what is being paid vs what isn't. Last year, got slammed by the state but refund from the Fed, so I started quarterly+what was previously being taken. Helped a lot of the state, but I didn't bother with the Fed because of the refund. Bad move. I'll be paying that quarterly, too.
I'm not getting taxed twice, just not enough the first time
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